Africa's Youth & Women Driving Growth in Creative Industries

• Africa’s youth and digital growth are positively impacting the creative industry
• Women are the drivers of innovation and entrepreneurship in Africa
• According to a BCG report, Africa’s creative economy is worth 59 billion

The increase in Africa's youth population and advancements in digital connectivity are driving an evolution within the continent’s creative industry, which is fast becoming one of the largest contributors to economic growth.

Women are making considerable contributions to the area of innovation and entrepreneurship and generating tremendous economic value.

According to a newly released report by Boston Consulting Group (BCG) called Africa’s Next Growth Frontier: Empowering Women in the Creative Industries, the estimated value contribution of Africa’s creative industry, including the areas of fashion, design, music, film, and digital content, is approximately $59 billion. Despite this, the sector is at only its infancy and has vast potential for growth in Africa.

With nearly 890 million people under the age of 25, Africa makes up the youngest population in the world, which gives the continent a huge competitive advantage in terms of creativity and a consumer market.

The report states: “The population of youth in Africa is driving a shift in the continent’s growth model from one based on extractive industries to one focused on creativity and creative sectors.”

As reported by Lisa Ivers, Managing Partner and Senior Partner at BCG Africa, “The creative economy offers a model for innovation, agency, and shared wealth. Unlike extractive industries, the creative economy offers a framework for economic agency and further innovation based on one's ability to provide both products and services."

She goes on to say, "Women-owned creative businesses are creating jobs that are vital to local supply chains, re-investing into their communities, and they are essential elements to the future of Africa.”

BCG has identified four main drivers that are fueling the development of Africa’s creative economy, and these are: digital acceleration, cultural intellectual property, the African diaspora, and Africa’s young and growing population.

In Africa, the rapid uptake of smartphones and the development of broadband infrastructure have seen 300-400 million people, or 40 percent of Africa’s population, become active participants in social media platforms.

As Lisa concludes, “Investing in women in the creative economy is a high return business opportunity with data backing it up. Through a combination of finance, skills building, and market linkages, we can unlock an asset class with the potential to drive exports, create formal jobs, and propel Africa’s economic transition from resource-based to creativity-based growth.”